Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain technology, which has been shown to significantly reduce the administrative burden for risk managers designing multinational programmes and enhance service from insurers, is set to revolutionise this famously complicated area of insurance. A number of insurers have been testing blockchain technology, including its application for multinational insurance programmes. AIG’s development of blockchain technology in the multinational insurance space is…

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

The Sanchi, the stricken Iranian tanker that collided with a US freighter off the eastern coast of China in one of the worst oil ship disasters in decades has sunk, taking with it all remaining survivors on board, according to Iranian officials. According to an Iranian navy commander speaking on Saturday 13 January, a massive explosion occurred on the ship,…

Marine piracy numbers dip to 22-year low: IMB

Marine piracy numbers dip to 22-year low: IMB

Marine piracy numbers dip to 22-year low: IMB

The number of piracy and armed robbery attacks on ships reached a 22-year low in 2017, with just 180 incidents recorded by the International Maritime Bureau (IMB), down from 191 incidents in 2016 and 246 in 2015. In its annual report, the IMB says 2017 saw the lowest number of attacks since 1995, although it warns against complacency with several…

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

The stricken oil tanker Sanchi continues to burn in the East China Sea, leaving insurers with a potentially large bill. On Saturday, the Iranian-owned Sanchi collided with cargo vessel CF Crystal 260km off the coast of China near Shanghai. More than 30 of the tanker’s crew are still missing, although the 21 Chinese crew onboard the cargo ship CF Crystal…

Iranian oil tanker continues to blaze off China’s coast

Iranian oil tanker continues to blaze off China’s coast

Iranian oil tanker continues to blaze off China’s coast

The Iranian oil tanker that crashed off the east coast of China continues to blaze for the third consecutive day, as weather conditions continue to hamper efforts to control the fire, increasing both the environmental fallout and the likely insurance cost of the accident. The tanker Sanchi, owned by Iran’s top oil ship operator National Iranian Tanker Company, collided with…

HDI Global makes leadership changes in Australasia

HDI Global makes leadership changes in Australasia

HDI Global makes leadership changes in Australasia

Industrial lines insurer HDI Global has announced a number of executive changes in its Australasian business. The new appointments cover property, power and energy, and marine lines. Among these changes is the departure of Kai Brueggeman, underwriting manager for property and marine in Australasia, who will leave his Australian base to take up a new international leadership role within the…

Blockchain to revolutionise risk transfer industry

Blockchain to revolutionise risk transfer industry

Blockchain to revolutionise risk transfer industry

Recent months have seen commercial insurers and reinsurers testing a range of blockchain applications, which some believe could radically change the insurance market. Blockchain technology offers a secure and efficient way for parties to share information and execute transactions. It sounds simple but if it lives up to its promise, blockchain could bring about a faster and more efficient insurance…

Cunningham Lindsey appoints director for Brazil growth

Cunningham Lindsey appoints director for Brazil growth

Cunningham Lindsey appoints director for Brazil growth

Loss adjuster Cunningham Lindsey has appointed Andre Lopes as director in a move to boost its Brazilian operations. Mr Lopes moves to Cunningham Lindsey from Crawford & Company, where he was CEO for Brazil. Cunningham Lindsey said Brazil is one of its key growth markets. It already has offices in Sao Paulo and Rio de Janeiro, and provides adjusting services…

New marine insurance syndicate launches to protect Asian shipowners from war

New marine insurance syndicate launches to protect Asian shipowners from war

New marine insurance syndicate launches to protect Asian shipowners from war

A new marine insurance facility designed to protect Asian shipowners from war-related risks has been launched in Hong Kong. The Hong Kong China War Risk Syndicate (HKCWRS) is backed by Asia Insurance, part of Hong Kong-based Asia Financial Holdings, along with a number of other insurers including China Taiping Insurance (Hong Kong) Ltd that are backing the syndicate in a…

UK P&I Club to set up Netherlands subsidiary to cope with Brexit

UK P&I Club to set up Netherlands subsidiary to cope with Brexit

UK P&I Club to set up Netherlands subsidiary to cope with Brexit

The UK P&I Club has announced that it will set up a European subsidiary in the Netherlands to ensure it can continue to provide cover for members post-Brexit. It is the third protection and indemnity (P&I) insurer to announce such a move in the past week, with Standard Club and North P&I Club both choosing Dublin for their new base.…

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